Wise Travel India Ltd Management Discussions

Management discussion and analysis report

Industry structure and developments

GLOBAL OUTLOOK: TRANSPORTATION INDUSTRY

The Indian mobility, employee transportation, corporate car rental and fleet management sectors are undergoing significant transformation and growth, driven by increasing urbanization, evolving customer requirements, technological advancements, infrastructure development and supportive government policies. With the increasing adoption of organized and technology-enabled mobility solutions, the sector is playing an important role in Indias evolving transportation ecosystem and creating new opportunities for service providers.

Globally, the mobility and transportation sector is also undergoing significant transformation, driven by technological advancements, changing consumer preferences, sustainability considerations and the increasing adoption of artificial intelligence (Al), digital platforms and data-driven solutions. These developments are reshaping the way mobility services are planned, managed and delivered, with greater emphasis on operational efficiency, safety, convenience, sustainability and customer experience.

Furthermore, amidst a push for greener and more eco-friendly practices, manufacturers and governments across the globe are working towards reducing carbon emissions and promoting energy-efficient solutions. Key markets, including Asia- Pacific, North America and Europe, continue to lead in sustainable production and innovation, while emerging markets contribute significantly to expanding the industrys horizons.

It also examines the collaborative efforts driving the nation towards its ambitious target of becoming a global leader in automobile manufacturing by 2029 and fostering self-reliance through the vision of Atmanirbhar Bharat and Viksit Bharat by 2047.

The automobile industry in India benefits from factors such as the availability of skilled labour at low cost, robust R&D centres, and affordable steel production. It also provides significant investment opportunities and generates both direct and indirect employment for skilled and unskilled workers. The electric vehicle (EV) sector alone is projected to create five crore jobs by 2030, underscoring its potential as a major driver of employment and growth.

Indias automobile industry has grown significantly, reaching Rs.22 lakh crore, and continued its strong sales momentum into FY 2025-26, with two-wheelers, passenger vehicles, three-wheelers and commercial vehicles all recording their highest- ever annual sales. At present, the US automobile industry is valued at around Rs.79 lakh crore, followed by China at f 49 lakh crore, against Indias Rs.22 lakh crore. The gap remains substantial, but Indias industry has grown three-fold over twelve years -from Rs.7 lakh crore in 2014 to Rs.22 lakh crore in 2026 -and the government has set a target of becoming the worlds largest automobile market within seven years.¹

The electric vehicle market extended its surge, with EV sales in India reaching approximately 24.5-25 lakh units in FY2025- 26 -a 24.6% year-on-year increase ²-driven by the legacy of initiatives such as FAME I and II (which together supported over 1.9 million electric vehicles cumulatively) and their successor schemes, PM E-DRIVE and FAME-lll. In³dia, now a global leader having overtaken Japan to become the worlds third-largest automobile market by value, continues to lead in twowheeler exports -roughly 50% of all motorcycles manufactured in India are exported -and the automobile sector has generated employment for around 4.5 crore people, with the sector now contributing around T4.5 lakh crore annually through Central and State GST.⁴

In 2025-26, the overall auto sector recorded its highest-ever sales across every vehicle category, growing broadly in the 813% range depending on segment. Passenger vehicle sales grew by 7.9-8.4% to a record 46.4-46.8 lakh units. The EV market saw a much sharper 24.6% increase, reaching approximately 24.5-25 lakh units. Two-wheeler sales rose by 10.7% to 2.17 crore units -also an all-time high -while SUV/utility vehicle sales continued to dominate, now accounting for around 65-66% of the passenger vehicle market, up sharply from the 56% level seen two years earlier. Commercial vehicle sales rose by 12.6%, totalling 10.80 lakh units, and the adoption of CNG and LNG-powered trucks gained significant momentum as a more sustainable alternative to diesel -alternative fuel penetration in commercial vehicles climbed to 25% in 2025-26, up from just 7% in 2020-21, while diesels share correspondingly fell from 86% to 67% over the same period.

Strong growth in the automotive sector, driven by rural demand, GST 2.0-led affordability gains, and festive season boosts, positively impacted the logistics sector. Increased commercial vehicle sales enhanced freight capacity, while record twowheeler sales supported last-mile delivery.

-Government Initiatives in Indias Tourism Vehicle and Mobility Sectors

The Government of India has continued to strengthen the tourism, mobility, and vehicle rental sectors through a combination of infrastructure investment, regulatory reforms, and sustainable transport initiatives. Under the Union Budget 2026-27, presented in February 2026, the Government increased public capital expenditure to Rs.12.2 lakh crore (up from T11.2 lakh crore In BE 2025-26), with significant investments in transport infrastructure, multimodal connectivity, and tourism development. The Budget also introduced a pilot programme to upskill 10,000 tourist guides across 20 iconic destinations, delivered through a 12-week hybrid training model developed in collaboration with the Indian Institutes of Management (IIMs), aimed at improving visitor experience and promoting sustainable tourism.⁵

The Government has also continued to focus on improving tourism infrastructure through the development of key tourist destinations, better road, rail, and air connectivity, and promotion of heritage and cultural tourism. Building on this momentum, NITI Aayog, in collaboration with the Ministry of Tourism, released its report Unlocking Growth in Tourism and Hospitality Sector at a National Workshop in New Delhi in mid-2026, several months after the Budget. The report recommends comprehensive regulatory reforms, simplified approvals, digitalization of tourism services, ease of doing business, and measures to attract greater private investment in tourism and hospitality.⁶⁷

In support of sustainable mobility, several state governments have continued to Incentivlze electric vehicles. Maharashtra has implemented a toll exemption for electric vehicles at MSRDC-operated toll plazas on major routes, including the Mumbai-Pune Expressway, the Samruddhi Mahamarg Expressway, and the Atal Setu. The exemption covers passenger EVs

- private cars and buses, whether state-run or privately operated -though electric goods carriers are excluded. The state is also expanding investments in electric public transport and charging infrastructure, reinforcing its transition toward cleaner mobility solutions.

The employee mobility sector continues to gain importance as organizations increasingly recognize mobility assignments as a tool for leadership development, talent retention, and workforce capability enhancement. Industry observers expect growing investment in corporate mobility solutions, digital fleet management, and business travel services to further support this segment.

The tourism vehicle rental industry may also benefit from the Governments broader emphasis on digital transformation, improved transport infrastructure, ease of travel, and tourism promotion initiatives. Policy reforms encouraging formalization of tourism enterprises, streamlined licensing procedures, and greater adoption of technology could help create a more competitive and sustainable operating environment for vehicle rental operators, though these effects are not yet independently documented.

Overall, these initiatives reflect the Governments continued commitment to strengthening Indias tourism ecosystem, promoting sustainable transportation, enhancing mobility services, and improving the overall travel experience while supporting long-term economic growth.

-Employee Mobility Services - Global & India Outlook

The corporate employee mobility services market continues to expand steadily, driven by the growing emphasis on workplace efficiency, sustainability, and employee well-being. As per recent industry research, the global market is valued at approximately USD 40+ billion in 2024 and is projected to cross USD 55 billion by 2029, registering a healthy CAGR of 56%. The sector is witnessing rapid transformation, with companies increasingly leveraging technology-enabled fleet management, real-time tracking, and digital commute platforms to optimize employee transportation.

While the COVID-19 pandemic initially disrupted demand due to work-from-home policies, the subsequent return-to-office trend has revived opportunities for service providers. In addition, government initiatives on urban mobility, road safety, and sustainable transport are expected to further strengthen the ecosystem. Organizations are now prioritizing safe, reliable, and cost-efficient commute solutions to support hybrid work models and ensure compliance with evolving mobility regulations.

In the long term, the demand for employee transportation services will be driven by increasing urban congestion, rising fuel costs, and the growing awareness of eco-friendly mobility solutions. Major players are responding with electric fleets, Al- based route optimization, and integrated employee commute apps, which are shaping the next phase of the industry.

-Employee Mobility Services Industry Segmentation

Company-owned transportation refers to vehicles owned or purchased by the company to provide transportation employees. Cars, vans, and buses are examples of passenger vehicles used in corporate employee transportation services.

The global corporate employee transportation service market is broadly segmented based on ownership model, passenger vehicle type, and service type.⁹ Companies are increasingly shifting towards outsourced and rental-based solutions to remain asset-light and cost-efficient, while MaaS and SaaS platforms are driving technology-led transformation in the sector. Cars, vans, and buses remain the dominant vehicle categories for employee commute, with Asia-Pacific leading market growth.

Segment	Categories
Ownership	• Company-owned Transportation Service
	• Outsourced Transportation Service
	• Rentals
	• Pick and Drop Transportation Service
Passenger Vehicle Type	• Cars
	• Vans
	• Bus
Service Type	• Mobility as a Service (MaaS)
	• Software as a Service (SaaS)
Geography	• North America
	• Europe
	• Asia-Pacific
	• South America
	- Middle East & Africa

-Employee Mobility Services Market Leaders

-Global Employee Transportation Service Providers

• Prairie Bus Line Limited

• Busbank (Global Charter Services Ltd.)

• Transdev

• WeDriveU Inc.

-Indian Market Players in Employee Transportation

• Orix India

• Select

• Mahindra Logistics, and other regional players

-Technology service providers

• MovelnSync Technology Solution Private Limited

• Routematic,

• Safetrax (MTAP Technologies).

-Tourism Vehicle Rental Industry - Global Overview (2023-2032)

The global tourism vehicle rental industry was valued at around USD 81.5 billion in 2023 and is projected to reach approximately USD 162.3 billion by 2032, growing at a CAGR of 8.3% during 2024-2032, driven by the resurgence of international travel, rising consumer preference for flexible and hygiene-conscious mobility solutions, and the rapid adoption of online booking platforms which accounted for nearly 76% of the market share in 2023; the short-term rental segment dominates with over 73% share owing to the popularity of road trips and weekend excursions, while the Asia- Pacific region, led by India, is emerging as the fastest-growing market expected to reach USD 43.17 billion by 2025 at a CAGR of 5.71% with SUVs and self-drive rentals gaining strong traction, and the luxury rental segment is also expanding significantly, projected to rise from USD 19.96 billion in 2024 to USD 29.05 billion by 2029 at a CAGR of 8.1%, with North America currently leading the market and Asia-Pacific witnessing the fastest growth.

EQ Transportation industry outlook in India

The transportation industry in India has undergone rapid transformation, driven by infrastructure development, rising urbanization, and digital adoption. According to the India Brand Equity Foundation (IBEF, 2024), India has the second- largest road network in the world, spanning over 6.62 million km, with roads handling 70% of freight and 85% of passenger traffic. National Highways, which constitute only 2% of the network, carry about 40% of road traffic, and the government continues to expand them under flagship projects like the Bharatmala Pariyojana and Gati Shakti Master Plan.

The Indian cab services industry, a key segment of urban mobility, is witnessing significant growth with the rise of app- based ride-hailing platforms. Increased smartphone penetration, cheap mobile data, and changing consumer preferences toward on-demand mobility are driving this growth.

Aggregator-based models (like Ola and Uber) dominate the organized cab services market. The growth of e-commerce logistics, last-mile delivery, and government support for shared and sustainable mobility are also fueling demand. However, challenges such as regulatory interventions, GST imposition, and demand-supply mismatches continue to influence the industrys pace.

Industry overview -growth and market potential

Corporate car rental and employee transportation, India

-India Cab/ Taxi Market Analysis

According to Mordor Intelligence, the India Taxi Market was valued at approximately USD 23.98 billion in 2026 and is projected to reach USD 34.87 billion by 2031, registering a CAGR of 7.78% during the forecast period.

The market continues to be driven by rapid urbanization, rising smartphone penetration, widespread adoption of digital payment systems, and growing demand for app-based ride-hailing and corporate mobility services.

The expansion of electric taxi fleets, supported by government initiatives promoting sustainable mobility and charging infrastructure, is expected to further accelerate growth in the sector. Leading platforms such as Liber and Ola continue to command a significant share of the organized market, while emerging mobility models -including cooperative, commission-free platforms -are gradually intensifying competitive dynamics.

The industry continues to navigate challenges relating to evolving state-level regulatory frameworks, driver availability, rising operational costs, and the ongoing need to balance customer affordability with driver earnings. Recent regulatory developments, including standardized fare guidelines, are expected to improve pricing transparency and support more sustainable long-term operating conditions.

Overall, the long-term outlook for the Indian taxi market remains positive, underpinned by continued digital innovation, infrastructure development, and sustained demand for convenient and reliable mobility solutions⁸.

-Cab/Taxi Market segmentation

In the India taxi market, Internal Combustion Engine (ICE) taxis continue to dominate due to their widespread availability, affordability, and established fueling infrastructure. Most taxi operators prefer ICE vehicles as they have lower upfront costs compared to electric vehicles (EVs) and offer longer driving ranges with quicker refueling, which is critical for high-mileage usage in urban and intercity transport. Additionally, the resale market and maintenance ecosystem for ICE taxis are mature, making them more viable for small-scale fleet owners. While EV adoption is growing, supported by government incentives and state-level electric mobility policies, the lack of adequate charging infrastructure, higher purchase prices, and longer charging times still restrict their penetration, keeping ICE taxis as the dominant propulsion type in Indias taxi industry.

The North region of India is emerging as the fastest-growing taxi market due to its dense urbanization, rapid expansion of metro cities like Delhi, Chandigarh, and Lucknow, and strong demand from both commuters and tourists. The presence of large corporate hubs and airports in Delhi NCR creates high daily ride-hailing demand, further supported by growing app- based taxi aggregators like Ola and Uber. Additionally, government-led initiatives for electric mobility in Delhi and Haryana, including subsidies and charging infrastructure development, are accelerating fleet modernization. The regions blend of high population density, strong economic activity, and proactive mobility policies positions North India as the most dynamic growth driver in the taxi market.

-Online Bookings Driving the Market

One of the primary factors fueling the markets growth is the increased usage of online cab booking platforms, mostly because of the convenience they provide to clients. They also offer simple online payment options and the flexibility of choosing the pick-up and drop-off locations. The ease of booking through the app has significantly attracted customers to prefer online booking over offline booking, owing to the increasing penetration of the internet and smartphones worldwide. Additionally, the availability of information on the app like tracking the driver position, pre-estimated ride fare, driver contact, and vehicle details has further increased the customer preference for online booking. Many major operators, such as Grab, Uber, and Ola, provide ride-sharing options (which offer a fare-splitting option among co- passengers) in certain regions, capturing the increasing demand for low taxi fare services among customers. Operators are adopting the same strategy and incorporating the ride-sharing option in their app development to sustain the growing trend of ride-sharing services. For instance, In November 2020, the Indian government capped cab aggregators cab fares. According to new guidelines, the government will allow app-based taxi aggregators, such as Uber Technologies and Ola, to charge up to 20% commission on ride fares.

Comprehensive services offered

Services mentioned below are offered by WTi, redefining workplace commuting and corporate vehicle rentals.

$1 Our strengths

-Leveraging the experience of our Founder & CEO

Our Founder & CEO Mr. Ashok Vashist is having vast experience in field of Corporate & Travel Service Industry and experience which have contributed significantly to the growth of our Company. Under the management, our business has grown over the years and we have become a well-known name in the industry. Our management team is familiar with our business and understands our customers needs and requirements. They are committed to the development of our business and will continue to spearhead our Companys business operations and future plans so as to ensure the continuing success of our Company.

-Existing client relationship

Our Company has earned reputation based upon which we have been successful in retaining our reputed clients. We believe that we constantly try to address customer needs around our services offered by us in field of Travel Services Industry. Our existing customer relationship helps us to get repeat business from our customers. This has helped us maintain a long-term working relationship with our customers and improve our customer retention strategy. We believe that our relationship with the existing customers represents a competitive advantage in gaining new customers and increasing our business.

-Quality Assurance of our Services

Quality Assurance of services offered are integral part of our operations. We believe that Quality is an ongoing process of building and sustaining relationship with the Customers. Training & orientation programs done on self & client campus with proper document verification of the enrolled Chauffers to ensure Passengers Safety. Ensured safety while travelling allows our customer the freedom to relish the lively moments on the road. In the event of emergency, our vehicles have GPS tracking, Panic Button, Fire Extinguisher and First Aid Kit.

-Customer satisfaction and revenues from long standing customer relationships

We have long-standing relationships with our customers. This is, in part, due to the high criticality of our services and technical support to many of our customers business needs. We also conduct regular senior management reviews with our key customers to engage with them for feedback and future opportunities. Our commitment to customer satisfaction enables us to strengthen our relationships.

-Scalable Business Model

Our business model is order driven, and comprises of optimum utilization of our existing resources. We believe that this business model has proved successful and scalable for us in the last few financial years. We have adequate capacity to scale upward and we also undertake aggressive marketing of our products along with maintaining superior quality.

El Our strategies

-Leveraging our Market skills and Relationships

Our goal is to build long-term sustainable business relationships with our customers to generate increasing revenues. We plan to continue to expand the scope by continuing to build our expertise and extending our capabilities. Leveraging our market skills and relationships is a continuous process in our organization and the skills that we impart in our people give excellence to customers. We aim to do this by leveraging our marketing skills and relationships and further enhancing customer base. Our ability to maintain and improve the services we offer to customers enables us to generate stable revenue and minimize customer complaints. We now focus on upgrading the experience of customer to one of much greater engagement and satisfaction.

-Optimal Utilization of Resources

Our Company constantly review strategies to improve services offered. We intend to further invest in our activities to develop customized systems and processes to ensure effective management control. We regularly analyse our existing policies for providing our bouquet of services which enables us to identify the bottlenecks and correct the same. This helps us in improving efficiency and putting resources to optimal use.

-Improving operational efficiencies

We have experienced team of professionals with a common mission of consistent service delivery to our customers. Honesty, transparency, and consistency are the underlying values in our relationship with the clients to instil trust and be trusted. Our Company aims to continue to improve ongoing operational effectiveness. We believe that this can be done through continuous business process review and timely corrective measures in case of diversion and technology up gradation with proper analytics base.

-To Build-Up a Professional Organization

We believe in transparency, commitment and coordination in our work, with our suppliers, customers, government authorities, banks etc. We have experiences staff for taking care of our day-to-day operations. We also consult with external agencies on a case-to-case basis on technical and financial aspects of our business.

-Expansion of Business

We intend to expand our geographical reach and enter the large domestic as well as global market for growth opportunities of our business. We plan to deepen our presence in the existing market and expand our reach.

SWOT analysis

STRENGTHS

- Experienced Promoters with decades of experience in various facet of mobility business

- Professionally Qualified management team with right mix of experience and passion

• Strong Presence in the Indian Corporate market.

• Technology driven Services

• Capability to manage and execute very large accounts and projects

• Strong client retention and management

- Huge Customer base of various Industries both Government & Multinational.

• International Presence

• In-house Technology

WEAKNESSES

• Scarcity of trained resources in the field of mobility - Working-Capital Intensive Business

OPPORTUNITIES

- Integration of various mobility services - Both supply and demand

• Transitioning to sustainable mobility

- Industry still very fragmented and unorganized.

• Innovation and technological consolidation still to happen.

• PPP in mobility a big scope

THREATS

- Drastic change in Govt polices or any unforeseen situation.

- Complete global change in tech landscape

Segment-wise and service-wise performance

The Company primarily operates in the mobility and car rental business, comprising Employee Transportation Services, Corporate Car Rental and Fleet Leasing. The Company has assessed its business operations and, based on the applicable accounting framework, has identified a single reportable business segment. Accordingly, separate segment-wise financial information has not been presented in the financial statements.

During FY 2025-26, the Companys revenue growth was driven by the expansion of its core service offerings, including Employee Transportation Services, Corporate Car Rental and Fleet Leasing, supported by fleet expansion, deeper penetration into Tier 2, Tier 3 and Tier 4 cities, growth in airport mobility services and continued strengthening of its overall mobility solutions. The Companys international presence was further strengthened through its wholly-owned subsidiary, WTI Rent a Car LLC, Dubai. The Company has a single principal business segment. The Company has also expanded its international presence through its subsidiaries in the UAE and the United Kingdom. The international operations are presently at different stages of development.

FY26 revenue split by Business Segments & Geographies

Awards earned

We have over the years achieved a good reputation among our customers due to our quality and innovative working. Below are some of the awards received by our company:

Outlook

Building on FY 2025-26 performance -Revenue growth of approximately 39.0% and EBITDA growth of approximately 45.9% on a standalone basis -WTI remains focused on strengthening its position as a holistic mobility solutions provider. Key priorities going forward include: deepening penetration in Tier 2, 3 and 4 cities; scaling the electric vehicle fleet in line with the Companys sustainability commitments; growing the international business through WTI Rent a Car LLC (Dubai) and its step-down subsidiary Wheels of Avalon Limousine Services L.L.C.; and continuing to invest in in-house technology, fleet management systems, and the Management Trainee Program to build future leadership capacity. The Company expects continued growth in employee mobility and corporate car rental demand, supported by favorable government policy, infrastructure investment, and the broader formalization of the Indian mobility sector, although this remains subject to the risks and uncertainties described below.

Risks and concerns

In addition to the Opportunities and Threats identified in the SWOT Analysis, the Company has identified the following categories of risks and the measures taken to mitigate them, in line with Schedule V, Part B(1)(e) of the SEBI Listing Regulations:

-Market & Operational Risk

The Companys business is dependent on the availability of a reliable driver and fleet base, and on maintaining strong relationships with a concentrated set of corporate clients. Any disruption in fleet availability, driver attrition, or loss of key accounts could adversely affect operations. The Company seeks to mitigate this through long-term contracts, diversification of its client base, and continued investment in driver training and retention programs.

-Financial Risk

As a working-capital intensive business, fluctuations in fuel prices, vehicle maintenance and insurance costs, and financing costs could impact margins. Finance Costs increased by approximately 61% during FY 2025-26 on account of higher borrowings undertaken to fund fleet and business expansion. The Company monitors its cost structure and leverage closely and works to build cost-escalation provisions into client contracts where possible.

-Competitive Risk

The mobility and vehicle rental industry remains fragmented and highly competitive, with both organized and unorganized players competing on price. The Company seeks to differentiate itself through service quality, safety standards, technology- enabled solutions, and long-standing client relationships.

-Regulatory Risk

Changes in government policy relating to transportation, taxation, labour laws, or foreign operations could affect the Companys cost structure and ability to operate. The Company monitors regulatory developments on an ongoing basis and works to maintain compliance across all jurisdictions in which it operates.

-Technology Risk

The Companys operations are increasingly dependent on in-house technology platforms for fleet management, tracking, and customer service. System outages, cybersecurity incidents, or delays in technology upgrades could affect service delivery. The Company continues to invest in its technology infrastructure and data security measures to mitigate this risk.

-Environmental & Sustainability Risk

The transition to electric and other sustainable mobility solutions requires significant upfront investment in vehicles and charging infrastructure. Delays in this transition, or an inability to meet evolving client and regulatory expectations on sustainability, could affect the Companys competitive position. The Company continues to expand its electric vehicle fleet in a phased manner.

-Reputational Risk

As a chauffeur-driven mobility provider, the Companys reputation is closely tied to passenger safety and service quality. Any safety incident or service lapse could affect client confidence. The Company mitigates this through rigorous chauffeur screening, training, and in-vehicle safety measures such as GPS tracking, panic buttons, fire extinguishers, and first- aid kits.

Internal control systems and adequacy

The Company maintains robust internal control procedures tailored to its size and activities. It believes that safeguarding assets and enhancing operational efficiency is achievable through the implementation of adequate internal controls and the standardization of operational processes. These internal controls and risk management mechanisms adhere to the principles and criteria outlined in the corporate governance code of the organization. They are seamlessly integrated into the overall organizational structure of both the Company and the Group, involving various personnel who collaborate effectively in fulfilling their respective duties. The Board of Directors provides guidance and strategic oversight to the Executive Directors and management, overseeing monitoring and support committees.

fB Financial performance

The following discussion on the Companys financial condition and results of operations should be read together with the audited standalone financial statements and notes forming part of this Annual Report. On a standalone basis, Revenue from Operations grew from W 52,591.76 Lakhs in FY 2024-25 to f 73,093.96 Lakhs in FY 2025-26, an increase of approximately 39.0%, while Profit After Tax grew from W 2,212.92 Lakhs to f 3,049.62 Lakhs, an increase of approximately 37.8%.

Standalone

		(Rs. in Lakhs)
Particulars	FY 2025-26	FY 2024-25
Revenue from Operations	73,093.96	52,591.76
Other Income	746.03	714.92
Total Income	73,839.98	53,306.68
Total Expenses	69,861.32	50,319.31
Profit Before Tax (PBT)	3,978.67	2,987.37
Profit After Tax (PAT)	3,049.62	2,212.92
Earnings Per Share - Basic & Diluted (T)	12.81	9.29

-Discussion on Financial Performance with respect to Operational Performance

The strong revenue growth of approximately 39.0% during FY 2025-26 was underpinned by continued operational expansion -including growth of the Companys owned and outsourced fleet, deeper penetration into Tier 2, 3 and 4 cities, and the scaling up of international operations in the UAE, including the step-down subsidiary Wheels of Avalon Limousine Services L.L.C. EBITDA grew faster than revenue (45.9% versus 39.0%), reflecting operating leverage as the business scaled. Total Expenses grew broadly in line with revenue (38.8%), led by Operating Expenses (car hire and lease charges) and Employee Benefit Expenses, consistent with the expansion of operations. Finance Costs increased from Rs.598.15 Lakhs to T 963.49 Lakhs, reflecting an increase in long-term borrowings undertaken to fund fleet and business expansion.

Key financial highlights -half-yearly

Consolidated, INR Mn

EQ Human resources

Our Company believe that our employees are key contributors to our business success and its ability to maintain growth depends to a large extent on our strength in attracting, training, motivating and retaining employees. We focus on attracting and retaining the best possible talent. Our Company looks for safe driving skill-sets, interests and background that would be an asset for its kind of business.

Our manpower is a prudent mix of the experienced and youth which gives us the dual advantage of stability and growth. Our work processes and skilled resources together with our strong management team have enabled us to successfully implement our growth plans.

Our people are our best assets. Their caliber and commitment are our inherent strength. With the singular objective of always being the preferred employer in the talent landscape, we are encouraging our people to discover and realize their true potential. Acquiring diverse experiences, accomplishing challenging tasks and continually learning and upskilling is enabling them to deliver their best. By identifying, developing and nurturing quality talent at every stage of the employee lifecycle, we are empowering them to become future ready and build rewarding careers. We strongly believe that diversity gives an organization a competitive edge, encourages innovation and vibrancy of thought and action. A diverse workplace strengthens understanding of and responsiveness to the ever-changing needs of a varied customer base. The Company has implemented several initiatives to attract and develop a diverse and inclusive workforce, with a focus on maintaining a healthy gender diversity blend and to continue its successful evolution as an organization. We have launched a specially curated Graduate Management Trainee program for- Under Graduates. Through this program, we provide a supportive network offering guidance, encouragement, and practical advice to help GMTs navigate their careers with confidence.

-Building an effective Organizational culture

Culture is a key enabler to optimize potential, retain and also attract top talent to fuel performance within the organization. The collective desire to become more agile and future ready necessitated a refresh of the organizational culture. Or core values lay a strong foundation in building an effective and inspiring organizational culture that lays strong emphasis on Entrepreneurial spirit, Collaboration, Accountability and Risk taking. Engaging employees through quarterly newsletters, virtual sessions, workshops, and confluences, provides platforms for interaction with business leaders, talent showcasing, and family engagement. Additionally, the Company offers long-term incentives, stock options, and competitive compensation to retain its top talent.

EEE Key financial ratios -significant changes (25% or more)

In accordance with Regulation 34(2)(e) read with Schedule V, Part B(1)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the key financial ratios specified thereunder are set out below, computed from the Companys audited standalone financial statements for FY 2025-26:

-Key financial ratios

Particulars	FY 2025-26	FY 2024-25	% Age change
Current ratio	1.86	1.93	-4.01%
Debt-equity ratio	0.1	0.12	-18.51%
Debt service coverage ratio	2.01	3.15	-36.22%
Return on equity ratio	0.16	0.14	18.44%
Inventory turnover ratio	NA	NA	NA
Trade receivables turnover ratio	4.21	4.68	-10.04%
Trade payable turnover ratio	7.44	7.95	-6.45%
Net capital turnover ratio	5.71	5.22	9.44%
Net profit ratio	0.04	0.04	-0.84%
Return on capital employed	17%	15%	14.33%
Return on Investment	1%	4%	-71.92%
Interest Coverage ratio	5.13 Times	5.99 Times	-14.43%
Operating Profit Margin	19%	20%	-4.07%
Net Profit Margin	4.13%	4.15%	-0.51%
Any change in Return on Net Worth	16.32%	13.78%	18.44%

-Notes

1. Reason of change by more than 25% in Debt- service coverage Ratio is due to increase in lease and debt repayment.

2. Reason of change by more than 25% in Return on Investment Ratio is due to decrease in Investments.

3. Standalone Figures have been mentioned above

Cautionary statement

The statements made in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, and expectations may be "forward-looking statements" within the meaning of applicable securities laws & regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting demand supply and price conditions in the domestic & overseas markets in which the Company operates, changes in the government regulations, tax laws & other statutes & other incidental factors.

Sources and references

1. https://www.cartoq.com/car-news/india-targets-worlds-largest-automobile-market-seven-years/

2. https://evindia.online/news/india-ev-sales-fy26-fada-report

3. https://www.ibef.org/industry/electric-vehicle

4. https://www.socialnews.xyz/2026/07/09/indias-automobile-industry-rises-to-worlds-third-largest-says-nitin-gadkari-lead/

5. https://www.businesstoday.in/union-budget/news/story/union-budget-2026-27-for-tourism-iim-backed-training-for-10000-guides-develop ment-of-15-heritage-sites-eco-trails-513908-2026-02-01

6. https://www.pib.gov.in/PressReleasePage.aspx?PRID=2279568&reg=3&lang=1

7. https://www.niti.gov.in/sites/default/files/2026-07/Unlocking-Growth-in-Tourism-and-Hospitality-Sector.pdf

8. https://www.mordorintelligence.com/industry-reports/india-taxi-market

9. https://www.mordorintelligence.com/industry-reports/corporate-employee-transportation-service-market

Market data cited in this report is drawn from the publicly available summaries of the reports listed above. Automobile-industry, tourism and policy statistics quoted in the text are drawn from Government of India releases and industry-body publications. Company figures are drawn from the audited financial statements for FY 2025-26.